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Copper futures on the Comex in New York surged 4% after President Donald Trump directed the US Commerce Department to investigate potential new tariffs on copper imports. The move aligns with broader efforts to revitalize domestic mining and refining of critical metals, aiming to reduce America's dependence on mineral juggernaut China.
Trump's order directs Commerce Secretary Howard Lutnick to launch a national security probe under Section 232 of the Trade Expansion Act of 1962 on US copper imports. This was the same process the president used in his first term to impose 25% global tariffs on aluminum and steel.
"Like our steel and aluminum industries, our great American copper industry has been decimated by global actors attacking our domestic production," Lutnick wrote in a prepared statement, adding, "To build back our copper industry, I will investigate the imposition of possible tariffs."